More than 600 yuan per gram, young people rushed to buy gold ornaments, and the price reached a record high.

The price of gold has gone up again. In the morning of December 4th, the global gold price hit a new record high. With the international gold price rising, domestic gold retail and jewelry prices have risen again. On December 4th, the unit price of gold jewelry per gram of several jewelry brands in Hefei exceeded that of 630 yuan, and it was slightly adjusted back on December 5th. Some salespeople said that the price of gold will remain high in the short term, and many "non-just-needed" consumers will stay on the sidelines, which will have an impact on sales.

The price of gold ornaments in the provincial capital reached a new high.

As the international gold price rises, the price of gold jewelry rises accordingly. On the morning of December 5th, in Chow Tai Fook Hall of the Top 100 Drum Tower Famous Products Center, the retail price of gold jewelry and ornaments was 619 yuan per gram, handicrafts were 609 yuan per gram, and investment in gold was 562 yuan per gram. Li Xiaorong, director of the store, told Anhui Business Daily that the price of the day had dropped from the previous day. On the 4th, the price of jewelry gold was 630 yuan, and when the 30 yuan discount per gram was included, the price also broke through 600 yuan, setting a record high. "The current highest point this year is also the highest price in these years."

In an old temple nearby, Gold, the price of all-gold 999 jewelry on that day is also 619 yuan per gram, and you can enjoy 30 yuan discount per gram. Shop assistant Zheng Hailan told Anhui Business Daily that the price of gold has been fluctuating for nearly half a month, with a fluctuation of more than ten yuan almost every day, and it has remained above 600 yuan for many days.

　Anhui Business Daily reporters learned that the prices of various brands of gold ornaments have risen, almost reaching the highest price. According to statistics, the latest price of Chow Tai Fook is 630 yuan, which is 34% higher than the lowest price in 470 yuan in recent three years and 133% higher than the lowest price in 270 yuan in recent ten years.

As the price of brand jewelry rises, so does the wholesale price. Near Hong Kong Street, Ningguo Road, Hefei, there are many gold wholesale dealers. In an old Hongfu jewelry store, manager Peng Nannan introduced that the store is a direct selling model, and the price is synchronized with Shenzhen Shuibei Gold Wholesale Market. The price of that day is 475 yuan per gram. "It fell today. It was 495 yuan the night before yesterday and 482 yuan during the day yesterday. The fluctuation was relatively large." She introduced that in my impression, the price of gold was relatively low before and after the National Day this year, and the wholesale price was about one gram of 440 yuan, and it has been rising all the way since then.

Zheng Hailan, assistant of the Old Temple Gold Store of the Top 100 Drum Tower Famous Products Center, told Anhui Business Daily that the price of gold continued to rise this year, which had an impact on "non-just-needed" consumers. The current monthly sales volume dropped by more than 10% compared with the same period last year. "Many old customers are optimistic about the style and say hello to me. The price of gold has dropped and it has not dropped." Zheng Hailan has an old customer. He got married at the beginning of last year and bought "hardware". This year, he accompanied his brother to buy it. "The same weight, a set bought, is more than 3,100 yuan more expensive."

Young people become the main consumer

Who is buying gold? Anhui Business Daily reporters visited and found that in addition to investment demand, young people have become the main force in the gold jewelry consumer market. According to the Consumer Insight Report of China Gold Jewelry Consumption Industry in 2022, from 2016 to 2021, the proportion of young people buying gold has increased from 16% to 59%, and young people are an important group of gold consumption.

Peng Nannan, the jewelry manager of Lao Hongfu, told Anhui Business Daily that in recent years, young people have bought more and more gold. "This year’s popular enamel and palace style are particularly popular."

Li Xiaorong, store director of Chow Tai Fook Club, said that in the past, young people bought more diamonds and platinum when they got married, and gold has become the mainstream in these years. "Young people are generally more pragmatic, and they will pay attention to the preservation of gold. The’ three gold’ and’ hardware’ are basically based on gold." In addition to marriage, the consumer demand for "pleasing yourself" is also growing. "Necklaces and rings under 10 grams, fashionable and exquisite products are very popular."　

In a Senfan jewelry store on Ningguo Road, Ms. Zhang, the person in charge, said that in addition to buying gold rings and necklaces, many young people played a "fixed investment in kind". Pay a salary every month to buy yourself a "golden melon seed" and "golden beans" and put them in a bottle.

The market outlook needs to pay attention to the dollar and the world situation.

What’s the next step for gold prices? Traders in the financial market department of Bank of China Anhui Branch analyzed that due to geopolitical uncertainty, the decline of the US dollar index and the expectation of the Federal Reserve’s interest rate cut, the price of gold may remain high next year.

"The price of gold in the international market is denominated in US dollars. Under the condition that other factors remain unchanged, the depreciation of the US dollar will boost the price of gold." According to analysis, the current US dollar index has been at the highest level in 20 years, and the probability of turning down in the future is high, which means that gold has a high probability of continuing to rise in the future.

"On the other hand, gold has a strong risk-aversion property. International geopolitical risks such as the Russian-Ukrainian war and the Palestinian-Israeli conflict have triggered a great increase in investors’ risk aversion and stimulated strong demand for gold in the market. The imbalance between supply and demand is likely to lead to a further rise in gold prices." According to analysis, from the perspective of the Fed’s monetary policy, the market is expected to cut interest rates by the Fed in the near future. If the US dollar enters the interest rate cut channel in the future, the US dollar exchange rate may be under pressure immediately, and the flow of funds between US dollar assets and gold may be more active.

Many salespeople in the provincial capital believe that the price of gold may remain high in the short term. Zheng Hailan, the assistant of the old temple gold shop, believes that two months before and after the Spring Festival every year is the real peak season for gold sales, and it will not be ruled out that it will rise again. (Anhui Business Daily, Rong Media Reporter Liu Yuanyuan Wen/photo)